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Grand Corporation reported pretax book income of $666,000. Tax depreciation exceeded book depreciation by $444,000. In addition, the company received $333,000 of tax-exempt municipal bond
Grand Corporation reported pretax book income of $666,000. Tax depreciation exceeded book depreciation by $444,000. In addition, the company received $333,000 of tax-exempt municipal bond interest. The company's prior-year tax return showed taxable income of $55,500. Compute the company's current income tax expense or benefit. Note: Leave no answer blank. Enter N/A or zero.
Current Income Tax | N/A | 0 |
Deferred Income Tax | Expense |
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